Do not go for loan moratorium if you can pay your EMI

I have enough savings. Should I still opt for loan moratorium?

-Rajesh Kumar
No, pay your regular EMI amount on time. The moratorium is to offer respite to people facing a cash crunch in the difficult coronavirus situation by not reporting them as NPA accounts. Availing of the moratorium will only add to your interest burden eventually. If you have the cash, paying EMIs and credit card bills on time will be beneficial.

I had taken a personal loan from Muthoot. I didn’t pay EMI of March and I applied for moratorium. Till February I have cleared the EMI. They are asking me to pay EMI of March. What should I do?

-Asha George V

The RBI announcement of three months moratorium covers all term loans outstanding on March 1, 2020. Muthoot Finance is also covered under this relief. You should be getting the facility for three months non-payment of EMI without your loan account getting classified as NPA. Register complaint on

Despite calling up customer care of my bank for moratorium on my car loan, it has deducted my EMI on April 25. What should I do?

-Ashim Sinha

When you register your request for availing of the moratorium by calling the customer care center, ask for a reference number. There has to be proof that you spoke to customer care and gave this request. Register for this facility again by calling your bank or sending them an email. In the request, also add the request for refund of the April 2020 installment.

My office wants me to fill up tax statements for FY21. I have a home loanbut bank’s website is not showing provisional statement for FY21. How will I know the break-up (principal and interest) of my loan for FY21?

-S Radhakrishnan

You have to approximate these data. Look for FY19 and FY20 certificates. Check reduction in interest paid from FY19 to FY20. Reduce a similar amount from FY20 interest paid, to arrive at FY21 interest figure. For computing principal repaid amount, multiply EMI by 12. From this full-year EMI total, reduce this approximate interest. Remainder would be your approximate principal repaid.

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